Castrol India reports 11% drop in PAT at Rs 208 crore in 1Q 2023
The company had reported a profit after tax of Rs 228 crore in the same quarter in CY2022.
Automotive and industrial lubricant manufacturing company Castrol has reported an 11 percent decline in profit after tax of Rs 203 crore, for the quarter ended March 31, 2023.
The company had reported a profit after tax of Rs 228 crore in the same quarter in CY2022.
The company has reported a 5 percent jump in revenue from operations of Rs 1,294 crore, versus Rs1,236 crore in 1Q 2022.
Sandeep Sangwan, Managing Director, Castrol India said, “While we built on the growth momentum from 4Q 2022 and registered quarter-on-quarter growth in 1Q 2023, our performance versus 1Q 2022 was impacted due to inflationary pressures, high input costs, and fluctuating forex.
Sharing an outlook for the year ahead, Sangwan said that they will continue to drive consistent growth in the subsequent quarters, enhance industry partnerships and ramp up service and maintenance offerings in new strategic segments such as automotive aftercare.
During the quarter under review, the company expanded its auto service outlets to over 300 and bike points to 5,000 across India.
RELATED ARTICLES
Vida VX2 Go Compared: How It Stacks Up on Price, Range & Charging Time
The entry-level VX2 Go is a direct rival to the Bajaj Chetak 3001 and the TVS iQube 2.2.
Qualcomm to Host 'Snapdragon Auto Day' on July 30 in New Delhi
The event, held in collaboration with AWS, will bring together industry leaders to explore connected vehicle technologie...
TVS Motor Company Launches New 3.1 kWh Variant of TVS iQube at ₹1.03 Lakh
The new model strengthens TVS Motor’s electric vehicle (EV) portfolio, which now comprises six variants.